Michigan seller financing

[Ed L.]

Landlord really wants out of the business and has offered me an incredibly good price and land contract..

I think the cards are in my favor because they really want to sell and frankly I think THEY are lucky to have someone they can so easily sell it to.. 

The house would not pass FHA inspection for many reasons and just all the fees that get eaten up in a traditional deal, they are much better off selling it to me..

But.. I want to be able to put a good amount of money and sweat equity into the property almost immediately and then get it appraised and HELOC it, but I don't think that can be done on a regular land contract?

And for a seller to do a note and deed sale, a mortgage originator needs to be paid quite a bit of money?

Is their any really cheap and good way to structure this seller financing where I get title in hand and can access the equity I build on this property much faster? Because really I think with only some moderate effort I could get this property to appraise for about double what I’m going to pay for it, and with maybe another $20k invested into it I think it could be worth more around triple what I’m going to pay for it. Their are just a lot of little things and the big thing is the garage on the property that is in quite a state of disrepair but is still very structurally sound..

What options could I come up with here?